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How to Open a Bulgarian Company Without Being Physically Present
Do you want to start a business and register a Bulgarian company online? It’s possible, but there are some challenges—especially with banking. In this video, I’ll guide you through the process step by step.
Step 1: Preparation of Company Documents
To register a company in Bulgaria remotely, you need to prepare the following documents:
- Articles of Association and the other Declarations for incorporation that are standard documents required by the Bulgarian Trade Register).
These documents must be drafted in Bulgarian and signed accordingly.
Step 2: Apostille and Affidavit
Since you won’t be in Bulgaria, you must issue a Power of Attorney (PoA) so a local representative can register the company on your behalf.
- The PoA must be notarized and apostilled in your country.
- An affidavit (declaration) confirming your signatures as a director is also required, and it must be notarized either in a Bulgarian embassy or with a local notary, but if you go with the option of a local notary additional legalization is required
Step 3: Open an Accumulation Bank Account (Most Challenging Step)
Before registering the company, you must deposit the initial capital (minimum 2 BGN) into a temporary accumulation bank account.
This is The biggest challenge because Bulgarian banks prefer to have the business owner physically present.
Some banks may accept opening an account remotely via Power of Attorney, but this is rare and depends on the bank’s internal policies.
And In some cases, online account opening is possible, but this depends on the bank and the country you are from.
Step 4: Register the Company with the Bulgarian Trade Register
Once the bank account is open and the initial capital deposited, your authorized representative will submit the incorporation documents to the Bulgarian Trade Register.
This process usually takes 1-3 business days.
Step 5: Set Up Accounting and Compliance
Now that your business is registered, you must comply with Bulgarian tax laws. You will need:
- A local accountant to handle monthly tax filings, Annual financial statements, corporate tax returns and VAT filings (if you’re VAT registered).
Register a Bulgarian company online is possible, but banking can be a challenge. If you need help with company registration, VAT, or accounting, contact ASB Accounting Services Bulgaria today!